Mahindra Ideal Welipenna plant to add 805 Kilowatt solar power to national grid
Marking Founder’s day
Mahindra Ideal Lanka (Pvt) Ltd in Welipenna, a subsidiary of the IDEAL Group is set to add 805 Kilowatt (kW) solar power to the national grid, on 5 September, coinciding the Founder’s Day – the birthday of Nalin Welgama, the company’s Founder and Chairman.
Notably, this groundbreaking event marks the first time-ever that a company engaged in Sri Lanka’s automotive industry will be adding such immense capacity to the national grid and supporting the country’s renewable energy drive.
Contributing to a greener planet and saving the nation’s resources, the Ideal Group’s subsidiaries including Ideal Motors, Ideal Choice and Ideal First Choice have previously established solar power units at its business locations and already benefit from renewable energy and earth-friendly solutions.
Marking significant progress in the use of renewable energy, the following Ideal locations have installed solar power and contribute to the national grid;
* The Ideal Choice Premium Vehicle Workshop in Ratmalana generates 407 KW with a capital of Rs. 55 Mn.,
* Ideal Holdings, Ratmalana office generates 333 KW solar power having invested Rs. 45 Mn.,
* Ideal Motors Main Mahindra workshop at Ratmalana is equipped with a 105 KW from an investment of Rs. 15 Mn.,
* The Yakkala Ideal Motors showroom and Ideal First Choice workshop operates through a 102 KW solar system having invested Rs. 14 Mn,
* The Ideal Motors and Ideal First Choice Showroom workshop at Puttalam have installed a 43 KW system investing Rs. 6 Mn.,
* The Ratmalana Pre Delivery Inspection and Vehicle Yard workshop generates 40 KW through a capital of Rs. 5 Mn., and
* The main Ideal showroom in Wellawatte generates 33 KW solar power through an investment of Rs. 5 Mn.
All these installations have been completed by Ideal Greentech (Pvt) Ltd, a subsidiary of the Ideal Group, at a cost of Rs. 260 Mn contributing a monumental over 2 Megawatts to the national grid.
Commenting on its sustainability journey, Nalin Welgama stated, “The whole world is now focusing on renewable energy. As Sri Lanka too embraces the potential of renewable energy sources, we at Ideal Group believe it is our national responsibility to focus and contribute towards this national endeavour. Our showrooms and workshops throughout the island generate and use renewable energy and we are extremely proud of achieving a new milestone at our Mahindra Ideal Lanka plant in Welipenna which is set to generate 805 KW.”
He further noted, “At Ideal, sustainability is a way of life and a key measure of our success. Not even the rainwater collected at this factory is wasted. We have installed a waste water treatment plant ensuring all water used in our bays are cleaned and reused. Additionally, through the practice of adapting dynamic green concepts we have activated the planting of seedlings throughout the factory.”
Celebrating 5th September, the Ideal Group will also mark another momentous milestone for the nation and the automotive industry with the launch of the second phase at its Mahindra Ideal Lanka plant in Welipenna. The foundation stone for the new factory catering to Mahindra Truck assembling will be laid by Mr. Welgama. Upon competition of the factory, which is scheduled for December 2021, the installation of a massive 500 KW solar power system is also slated to take place.
The Mahindra Ideal Lanka plant in Welipeena, Kalutara was commissioned in 2019 through a partnership between India’s diversified global conglomerate Mahindra and Mahindra and the Ideal Group. The state-of-the-art production facility built to global standards assembles the Mahindra KUV 100.
Today, the Mahindra KUV 100 has gained immense popularity in the country and become the preferred choice for customers. The plant is also set to assemble Mahindra trucks in the future demonstrating the strength of local manufacturing capabilities.
“At present, across the world, due to the spread of the Covid-19 pandemic, including in Sri Lanka we as a country face grave challenges. However, despite the nation in lockdown and our workplaces not fully operating to their normal capacities, the required electricity for consumption is generate through our solar power systems and being supplied to the national grid. As Sri Lankan businessman, I take great pride in this contribution and urge other companies and individuals to play a larger role in solar power generation for the country, supporting our nation’s future,” he said.
Hemas Hospitals makes national-level contribution through ‘Upakara’ initiative for deprived CKD patients
In a concerted effort to ensure healthcare equity for all Sri Lankans, the country’s foremost trusted private healthcare provider Hemas Hospitals introduced ‘Upakara’, an unmatched timely initiative which offers free monthly dialysis cycles to a selected number of Chronic Kidney Disease (CKD) patients from low-income backgrounds, through Hemas Hospitals.
Hemas Hospitals’ Upakara is a one-of-a-kind initiative, contributing to the health and wellbeing of individuals from underprivileged and less fortunate communities, who are suffering from CKD. While most individuals face difficulties with affording basic healthcare during the country’s perilous economic situation, this facility will be considered a life-saving, monumental effort from a private healthcare provider, contributing on a national level.
“Chronic Kidney Disease is one among the most prevalent non-communicable diseases in Sri Lanka. Statistically, 20-25 percent of diabetic patients and 18-20 percent of patients with hypertension are prone to CKD. Holistically, one in 10 Sri Lankans is estimated to have CKD, while the vast majority is unaware of the fact that they have it, resulting in most patients seeking healthcare support at its late-stages. This forces CKD patients to either opt for kidney transplants or regular dialysis treatments, both bearing an intense level of financial burden on patients and their loved ones. Given the volatile macro-economic environment in the country today, this financial burden is heavier than ever before,” stated Dr. Lakith Peiris, Managing Director Hemas Hospitals.
“A statistically higher number of CKD patients from the underprivileged communities who are affected by fewer resources prompted us to address this issue by extending our support to these communities with essential infrastructure and services through Hemas Hospitals’ Upakara initiative,” he added.
CKD is fast becoming a major public health concern, attracting increased global attention due to rapid spread of the disease, and its grave impact on patients and their quality of life. With a larger number of CKD patients reported from Sri Lanka each year, the national healthcare system often finds it difficult to cater to the full requirement of all patients requiring dialysis, affecting their health and wellbeing on a large scale.
With the aim of ensuring good governance and community participation, Upakara will be overseen and operated by a governance committee inclusive of key opinion leaders within the hospital and communities.
With a vision of ‘Making Healthful Living Happen’, Hemas Hospitals intends to support CKD patients in a manner that eases the great financial burden that falls on them every month and enhances their access to life-saving dialysis treatment. At a time in the country when macro-economic volatility has destabilized personal economies, Upakara will lend greatly to easing the financial pressure of healthcare on these chronic patients and enable them to re-establish a sense of wellbeing.
“Therefore, in such a dire context, we believe Upakara is an important step forward in assuring health and healthcare equity in Sri Lanka, and consider it our duty as a responsible healthcare provider to ensure that all Sri Lankans have access to the life-saving treatment they require regardless of their financial background. Upakara was therefore borne with this vision, and we consider ourselves privileged to launch this vital CSR programme as we continue to work to eliminate disparities in the diagnosis and treatment of kidney diseases in Sri Lanka,” stated Dr. Peiris.
Cargills Bank reports profitability turnaround with robust income growth and operating cost management
Cargills Bank reported a profit before tax of LKR 206Mn for the financial year 2022, recovering from a loss before tax of LKR 369Mn in the previous year, driven by robust growth in operating income that offset erosions due to increased provisioning and operating costs.
Total operating income rose 74% year-on-year to LKR 4.28Bn on account of growth in both Interest and Fee-based income in similar proportion. The Bank prudently managed its lending portfolio with the intention of preserving liquidity and maintaining asset quality, leading to a slight decline in the portfolio. However, the Bank was able to expand its net interest margins over the previous year, resulting in significant growth in interest income. Meanwhile robust performance in card operations, trade finance and remittances resulted in 75% year-on-year growth in fee-based income.
Mindful of the challenging environment and its impact on customers, the Bank proactively increased its provision cover ratio, resulting in a 114% year-on-year growth in impairment to LKR 1.46Bn. The Bank’s Stage 3 Loans (Net of Stage 3 Impairment) to Total Loans ratio consequently improved from 6.43% in 2021 to 4.85% in 2022.
The Bank prudently managed its operating costs to limit the increase to 16% year-on-year, resulting in the Bank’s Cost to Income ratio improving from 82.8% in 2021 to 55.4% in 2022. Consequently, the Bank reported an operating profit before taxes on financial services of LKR 448Mn.
The Bank maintained healthy capital and liquid asset ratios during the year, reporting a Total Capital Ratio of 22.85% and Liquid Asset Ratio – Domestic Banking Unit of 26.70% as at 31st December 2022.
Senarath Bandara, Managing Director/CEO of Cargills Bank commenting on the performance of the Bank stated, “Cargills Bank navigated the uncertain economic climate of 2022 with resilience and pragmatism.
The Bank adopted an agile approach in response to the challenges to seek growth and stability in spite of external pressure. Our approach has borne fruit with the Bank achieving profitability within the year under review, while also pursuing our long-term growth aspirations to create sustainable value for all stakeholders.”
The Bank continued to expand its network, opening two new branches in Negombo and Anuradhapura, and complemented branch expansion by opening eight new MINI service locations in Cargills Food City outlets. Furthermore, in line with its objectives to promote financial inclusion and financial deepening, the Bank launched a mobile branch vehicle to serve underbanked customers in the Central, North Central and Northern provinces.
Market ends down as investors await financial results
By Hiran H. Senewiratne
Trading at the CSE started off with a positive note yesterday and in the middle of the session, the market dipped due to profit takings. Subsequently, at the later part of the day it showed slightly recovery. However, the market performed in a negative manner in mid-day trade on shares which were down on the financial year coming to an end, an analyst said.
“The market is down as financial years come to an end and investors await reports to be produced,” another analyst said. It is said that profit taking had been witnessed in Sri Lanka Telecom as the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary.
It is said that buying interest for Lanka IOC as global oil prices have come down, pushing the interest for the index up. While selling pressures have decreased on banks and stability is coming back as the share price has gone down, which has pitched in buying interest for the index, they said.
Amid those developments both indices moved downward. All Share Price Index down by 43.9 points and S and P SL20 down by 2.95 points. Turnover stood at Rs 912 million without reporting a single crossing. In the retail market top seven companies that mainly contributed to the turnover Lanka IOC Rs 124.3 million (716,000 shares traded), Sampath Bank Rs 71.8 million (1.3 million shares traded), NTB Rs 62.1 million (one million shares traded), SLT Rs 57.2 million (596,000 shares traded), Dialog Rs 51.1 million (4.9 million shares traded), NTB Rs 43 million (998,000 shares traded), and Melstacorp Rs 40.9 million (438,000 shares traded). During the day 45.7 million share volume changed hands in 12000 transactions.
In the meantime treasury bond yields were steady and the rupee opened stronger in the spot market on Thursday, dealers said. A 01.07.2025 bond was quoted at 31.25/75 percent on Thursday, steady from 31.25/30 percent on Wednesday.
A 15.09.2027 bond was quoted at 28.30/29.00 percent, steady from 28.25/29.00 percent on Wednesday. Sri Lanka rupee opened at 327/328.50 rupees against the US dollar strengthened, from 328.50/329.50 rupees from a day earlier.
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